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Bunds are underperforming swaps this..........>

BUNDS
BUNDS: Bunds are underperforming swaps this morning, whether we look at the
headline 10Y or invoice spreads. 
- No obvious, large flows behind the move from the SDR or futures markets.
- According to Bloomberg, the Bund Aug-27 ASW is around 1bp narrower today at
41.6bp.

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